Full text of H.16 Capital Market Developments : December 6, 1965

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DECONTROLLED AFTER SIX MONTHS

December 6, 1965.

Mi-.->•>-*y H. 14
CAPITAL MARKET DEVELOPMENTS
IN THE UNITED STATES
j

Corporate and municipal bond markets. Public security financing
5y~iroipui8ri:ions this week will approximate last week's modest volume,
with over half the total accounted for by a $40 million bond offering
of General Telephone Company of California. In contrast, this week's
municipal financing will be about double last week's level; a $90 million package of Public Housing Authority bonds will make up roughly
one-third of this total. Also scheduled for this week is a $179 million
offering of 20-month bonds of the Federal Land Banks.
Long-term Public Security Offerings 1/
(In millions of dollars)

Corporate
New Capital | Refunding

State and local Government
New Capital| Refunding

Sold:
52 week avg.

139

Nov. 26
Dec. 3

261 r/
65 r/

3

192

15

215
140

Scheduled:
Dec. 10
70
297
V Federal Reserve estimates based upon published reports of issues
sold and scheduled for offering; corporate rights offerings are
included as of the date subscription rights expire.
Capital Markets in November. Security financing to obtain
new capital by corporations totaled $1,450 million in November, a record
for that month and over twice as much as a year earlier. Gross public
bond offerings aggregated $630 million--compared with only $30 million
in November 1964.
This heavy volume, in conjunction with the substantial buildup in the calendar of new corporate offerings for December and early
next year, applied upward pressure to yields. Between late October and
the opening week of December, the corporate new issue series--adjusted
to Aaa basis--advanced 16 basis points to its highest level since late
1960 and 8 basis points above thersakof last August. Yields of close
to 5.00 per cent offered to investors by three large finance company
issues, comprising almost one-half of last month's total offerings,
resulted in their quick distribution. Most other negotiated offerings
were also well received, but those put up for competitive bidding met
with a mixed reception. Underwriters, however, promptly terminated




H. 14

-2 -

Yields in Security Markets
Change from
preceding week
(basis points)

Level latest week
(per cent)
High-Grade
Notes and Bonds
Corporate
New
Seasoned

4.79
4.60

+2

U.S. Govt.
Long-term
3-5 year

4.36
4.50

4-2
+5

State and local Govt.
Moody's Aaa
Standard and Poor's
high grade
Money Market
Federal funds
Treasury bills
3-month
6-month

-2

3.37
3.53

+4

4.13

+4

4.12
4.26

+1

+1

Corporate Bonds Still in Syndicate
Date
Offered
11/26

Amount
(millions of $)
40.0

Issue

Reoffering
yield

Northern Natural Gas Co.
4-7/8's - 1985
4.90

Rating

Estimated Proportion sold

A

9/10

Blue List of Municipal Dealer's Advertised Inventories
(millions of dollars)
Latest Date
663 (12/2)




End of Previous Week
669

Recent High
901 (6/4)

H. 1 4

-3-

price restrictions on slow moving issues and yields subsequently adjusted upward to current levels in free market trading. Consequently,
unsold syndicate balances are practically nonexistent.
Sales of State and local government bonds for new capital
during November totaled $950 million, about two-fifths more than a
year earlier. With the impact of this heavy volume of new offerings,
yields on seasoned Aaa-rated bonds rose 5 basis points to 3.37 per
cent in early December--their highest level since mid-1961. Other
yield series on outstanding issues rose 10 basis points or more,
while major price concessions on a number of new issues were reported
to have raised yields as much as 20 basis points. Despite such concessions, advertised inventories remained near the $700-million mark.
Common stock prices eased somewhat on balance during November
in very active trading. After reaching a new high of 92.63 on November
15, Standard and Poor's index of 500 stock prices declined 1% per cent
to close at 91.27 on December 3. Trading volume averaged 7.4 million
shares a day during the month.
Estimated security financing in December. Because of the
expected seasonal bulge in takedowns of private placements at year's
end, the volume of corporate security financing to obtain new capital
is estimated at $1.7 billion in December--about the same as last year.
This volume of financing in the final month of this year will bring
the total for the fourth quarter to a record $4.2 billion and the sum
for 1965 to $15.2 billion, one-sixth greater than the previous record
high established in 1964.
During December, municipal bond financing for new capital
is expected to total $0.8 billion, about one-sixth less than the
monthly peak reached at the close of 1964. Nevertheless, financing
for the fourth quarter should be a record $2.5 billion bringing the
total for 1965 to $10.4 billion, approximately 2 per cent above last
year's record sum.
FNMA secondary market operations. Purchases of FHA-insured
and VA-guaranteed mortgages by the Federal National Mortgage Association
in the secondary market advanced again in October to a level of $78.5
million. This was the highest for any month since early 1962 and compared with only $24.0 million a year earlier and with $16.3 million in
October of 1963.
Offerings to FNMA from private investor portfolios accelerated
sharply in October to more than double the already advanced level in
September. At $209.9 million, the October level virtually matched the
record reached in October of 1956. Apart from the increased pressure
for loanable funds by commercial banks and other mortgage holders, a
factor in the upsurge of sales to FNMA has been the increased attractiveness of FNMA prices which so far have been maintained.
Underscoring the shift within the mortgage market in recent months,
sales to FNMA by private mortgage holders were literally nil in October.




H. 14
More detailed Information concerning recent capital
market developments it presented in the attached exhibits.

Capital Markets Section,
Division of Research and Statistics,
Board of Governors of the Federal Reserve System.




IX MltlT A, Peri |
IONO-TIRM B O N D YI11DS, HIOH-ORADI
W..U,

h

a / ^ V \
XV

Exhibit A -- Part II

Date

State and
local
government
Aaa 3/

Spread between
and
State and
local Aaa

Corporate
Aaa 1/

U. S. Govt.

4.61(1/29/60)
4.46( 9 /35/6l)

4.42 (1/8/60)
4.12 (2/23/62)

3.65(9/24/59)
3.37(7/6/61)

4.19 (3/29/63 )
4.45 (12/11)
4.35 (2/2B)

3.85 (12/28/62)
4 . 2 0 (4/17)
4.11 (U/26)

4.61 (11/26)
4.41 (3/12)

4.36 (12/3)
4.13 (6/25)

2.88(13/8/62)
3.16 3/26)
2.99(12/31)
3.37 (12/3)
2 . 9 4 (2/11)

.59
.57
.21
.33
.19
.34
.24

.92
1.04
.80
1.14
1.01
1.22
.94

4.58
4.60
4.61
4.61
4.60 /

4.34
4.35
4.34
4.34
4.36

3.32
3.32
3.36
3.37
3.37

.24
.25
.27
.28
.24

1.02
1.03
.98
.97
.99

long-term 2/

U. S. Goyft.

Corporate
Aaa

(per cent)
1959-60
1961-62
1962-63
1964

- High
. - High
- Low
- High
Low
1965 - High
Low

Nov.
Nov.
Nov.
Z Nov.
„ Dec.

5
12
19
26r/
3 e/

p/ Preliminary.
y Vfeekly average of daily figures. Average term of bonds included is 22-24 years.
y Vfeekly average of daily figures. The series includes bonds due or callable in 10 years or more.
3/ Thursday figures. Only general obligation bonds are included; average term is 20 years.
Rote.—aighs and lows are for individual series and may be on different dates for different
series. For spreads, high refers to widest, and low to narrowest.




If

J»40

lt*1

!**%

l»*3

Exhibit B —

Corporate
Baa 1/

Da te

_

tf*4

Part II

State and
local govt.
Baa

Spread between
Aaa and Baa
State and
Corpora te
local govt.

(per cent)
1959-60 - High
Year end - 1961
1962
1963
1964

1965 - High
Low

Nov. 5
Nov. 12
Nov. 19
Nov. 26
^ Nov. 3 2./
Notes

5.36 (2/22/60)
5.10
4.93
4.85
4.80
4.98 (12/3)
4.78 (3/19)

4.46 (1/7/60)
4.04
3.57
3.60
3.51
3.74 (12/3)
3.40 (2/11)

.84
.66
.70
.48
*37
.41
.35

4.93
4.95
4.96
4.97
4.98/

3.67
3.67
3.73
3.74
3.74

.35
.35
.35
.35
.38

For footnotes see Exhibit JL.




1.08
.73
.63
.49
.52
.52
.34

.35
.35
.37
.37
• 37

S H O i T - AND INTKKMKDIATI-TtftM IN
GOVERNMENT
w..kl,

Exhibit C — Part II

Nov,
5
Nov., 1 2 /
N o v , 19 '
N o v . 2£. .
v Dec. 3 £/

Yields
6-month
bills 2/
(per cent)

3 - 5 year
issues 2/

Spread b e t w e e n yields on 3month bills and Yields on
6 - m o . billsl3-5 vr. itisues

I

1959-60 - High
Y e a r end - 1961
1962
1963
1964
1965-High
Low

Discount
3-month
ra te
bills 2/
1/

4.00
3.00
3.00
3.50
4.00
4.00
4.00

4.59 (2/6/60)
2.66
2.89
3.52
3.83
4.12 (12/3)
3.78 (6/25)

5.07 (1/8/60)
2.90
2.93
3.64
3.93
4 . 2 6 (12/3)
3.82 (6/25)

3.81
3.41
4.07
4.07
4 . 5 0 (12/3)
4 . 0 4 (1/22)

.79
.24
.04
.13
.10
.17
.03

1.81
1.15
.52
.55
.24
.43
.11

4.00
4.00
4.00
4.00

4.07
4.06
4.09
4.11

4.22
4.23
4.25
4.25

4.44
4.49
4.46
4.45

.15
.17
.16
.14

.37
.43
.37
.34

4.00

4.12/

4.26 /

4.50

.14

.24

/

8

Date

V Weekly rata shown is that in effect at end of period at the Federal Reserve Bank of New Yoxic.
1J Market yield) weekly averages computed from daily closing bid prices. Series of 3-8 year Issues
consists of selected notes and bonds.
Note#—-Highs and lows are for individual series and may be on different dates for different series.
For spreads, high refers to widest, and low to narrowest.




• i

EXHIBIT D. Part
S H O U T - A N D I N T E R M E D I A T E * TERM INTEREST 1 A T I S ,
» A N K $ A N D OTHER P R I V A T E B O R R O W E R S
Weekly

I I I I I I I I I I I I I I I II
' I,
M II II II I I 1 I I I I I I I I I I I I I I 1 1 1 1 I I I I I I I I I I ) I I t
Exhibit D —

Prime ra te

1959-60 - High
Year end - 1961
1962
1963
1964
1965 - High
Low
Oct.
Nov.
Nov.
Nov.
Nov.
i Dec.

29
5
12
19
26
3 pj

5.00
4.50
4.50
4.50
4.50

1/

Part II

Finance
company
Federal funds £/
paper
2/
(per cent)
5.13

(2/22/60)

4 . 0 0 (3/13/60)

2.88

3.00
3.19
3.88
4.06

3.00
3.50
4.00

4.50
4.50

4.38 (12/3)
4.00 (2/12)

4.13 (12/3)
3.48 (10/1)

4.50
4.50
4.50
4.50
4.50
4.50

4.38
4.38
4.38
4.38
4.38
4.38

3.95
4.12
3.97
4.13
4.09
4,U'

^
^

41r

iKSEtiM

f ss^ss&s




^

Spread between
3-mo. bills and
finance co. pape
1.02
.34
. .30
.36
.23
.47
.10
.33
.26
.32
.29
.27
JL&6_
* U r e * b™k*

»«tly Pl*«i P»P«r far vuylB,

-

1

1*41- 41

Exhibit

Da te

Stock price
index 1/

Common
stock
yields 2/
(t>er cent)

Part II

Trading
volume 2/
(millions
of shares)

Stock mar ket customer credit
Customers 1
Bank
debit balloana to
ances 4/
"others" 5/

Total

(In millions of dollars)
1961-62 - High
Low
Year end
1963
1964
1965 - High
Low
Sept.
Oct.
Nov.
Nov. 19
Nov. 26
Dec.
3 j)/

72.04(13/0/61)
52.68(fl/2g/62)

2.80
3.96

10.1
2.4

74.44
84.75
92.55 (11/12)
8 3 . 0 6 (6/25)
89.38
91.39
92.15

3.13
3.02
3.04
3.15
2.98
2.91
2.97

4.7
4.7
9.0
3.8

7,242 ,
7J»3
7 ,117
6,872

7.4
7.8
7.4

7 ,036
7 ,117

92.24
92.03
91.27

2.95
3.00
3.04

7.9
7.1
9.0

5,603(1^/61) 4,259 (1%/61)
4,424(3/61) 3,253(1/61)

n.,a.

1,418(8/9/62)
1,161(3/9/61)

5,515
5.099
5,129
4,863
4,994
5,073

2,095 ( 1 2 / 1 )
1,843 (3/3)
2,042
2,044

n.a.

2,064
2,095
n.a.

1,727
1.974

jy Standard tad Poor's ooaposite Index of 500 coonon stocks. weakly closing prioes, 1941^43*10.
Monthly data are averages of dally figures rather than of Fridsy«s only. Highs and lows are for
Friday's data only.
2/ Standard and Poor's composite stock yield based on Wednesday data converted to weekly closing
prices by Federal Reserve. Held a a hewn are for dates on which price Index readhedita high
3/ Averages of daily trading volume on the lew Y e * Stock Exchange. Yeaivend figures are averages of
daily figures for the yeaxt
End of month figures for a m b e r firms of the Mew York Stock Exchange which carry margin accountsi
excludes balances secured by 0. S. Government obligations.
5/ Wednesday figures for weekly reporting member banks, exclude a loans for purchasing or carrying
U. S. Government securities. Weekly reporting banks account for about 70 per cent of leans to
others. For further detail see Bulletin.

y




FEDERAL N A T I O N A L } M O R T G A G E A S S O C I A T I O N ^
SECONDARY MARKET OPERATIONS!
/200

|160
OFFERINGS]

1120

SALES
PURCHASES j y

; I9601

19831

19621

1961]

_/l985

1964

Exhibit F - Part ft
Estimated offerings to FNMA
Standby
Immediate
To tal
commitment
purchase

Date

Purchases
by
FNMA

Sales
by
FNMA

(In m i l l i o n s of d o l l a r s )
1 9 6 4 - Oct.
Nov.
Dec.
1965 - J a n .
Feb.
Mar.
Apr.
May
July
Aug..
Sept.
Oct.

34.9
26.0
41.3
36.6
30.6
36.9
40.4
35.8
47.9
52.9
82.0
101.1
209.9

34.8
25.9
41.1
36.6
30.6
36.9
40.4
35.7
47.9
52.9
82.0
101.0
209.9

.1
.1
.1
.1

.1

24.0
16.0
32.5
29.8
28.5
36.5
38.7
. 31.4
39.5
36.7
47.2
63.3
78.5

--

5.7
5.9
2.0
12.5
5.1'
7.9
3.0
12.2
3.4
0.2
0.1

.
,
.
•—Less than $50,000#
V
Data represent unpaid principal balance* of the mortgagee involved, exclusive of

m a within 45 days. A standby c omniUnent contract relates to proposed mortgages on
bousing not yet under construction which the seller must usually deliver within on#
year. Purchases inolvde thoee under both ianediate purchases and styidby ccenitnient
contraots. Data exclude FNMi activity under %>eoial Assistance and Management and
Liquidating Pic grams.




Y l i l D S O N NKW AND S1ASON1D C O R P O R A ! ! BONDS

Exhibit 0 - Part II
Yields oo New Corporate Bond Issues Adjusted to an Aaa basis
Number Aa r t of issues Average
of
included (mil.
yield
Issues of dollars)
(per cent),
Weekly averages;
1965 - Jan.
Feb.
Mar.
Apr.
Hay
July
Aug.
Sept.
Oct.
Nov.

94.0
111.0
157.8
115.0
315.0

100.0

278.0
166.5
288.5

108.0

267.0

4.42
4.41
4.45
4.46
4.51
4.58
4.61
4.63
4.67
4.69
4.72

of

issssi

Am't of issues
included (mil.

Average
yield
(PM Wt),

4.72*
15
22
29

20.0

5
12
19
26

75.0
125.0
67.0

4.63

4.73*
4.70
r/ 4.78

40.0
4.79
Weekly average
1965 - High
4.79 (12/3)
Low
4.33 (1/29)
No tot Average# of offering yield# on all new I#**** of publicly offered ooxporate bonds rated Aaa. i» and
A. by Moody's Xsvestors Service (except serial and convertible issues, offerings of natural gas pipeline
sad foreign companies, and bonds guaranteed by the Federal Government) weighted by Use of offering.
Before averaging, new offerings are adjusted to a composite Aaa basis by deducting from the actual
' yield
°
•"* weekly
*-'* average yield
yield for
for seasoned
seasoned tends
tends of
of the
the appropriate indastryreoffering
the excess of the
quality group over the composite average for seasoned iaa-rated bonis (Moody's), Averages considered
unrepresentative because of special characteristics of tie offerings included are denoted by an asterisk^




Exhibit H

H. 14

Long-torm Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)

Hew Can ital
1965
January
February
March

i

Corporate
1964

1963

State and Local 2/
1963
1965
1964

795
746
1,197

938
700
778

613
594
1,144

R/803
R/872
£./ 946

947
776
810

732
746
976

April
May
June

1,152
1,691
1,946

2,237
1,095'
1,405

930
904
1,013

E/825
EL/924
2/967

1,242
667
903

869
866
930

July
August
September

1,290
850
1,392

812
680
1,130

676
637
795

E/984
2/ 656
e/950

906
780
892

680
708
449

October
November
December

e/1,000
e/l,4*>£/l,700

953
669
1,642

1,013
819
1,415

d/800
e/900 e/800 .

801
529
948 /

1,051
729
416

1st
2nd
3rd
4th

2,738
4,789
3,533e/4,150.

2,41,6
4,738
2,62%
3,264

2,351
2,847
2,109
3,246

2/2,624
a/2,716
e/2,590
e/2,500—

2,533
2,811
2,578
2,278 N

2,454
2,665
1,837
2,197

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

7,527
11,060
e/15,210 -

7,153
9,775
13,038

5,198
7,307
.10,553

2/5,340
6/7,93°
e/10,430-

5,345
7,923
10,201

t

5,118
6,955
9,151

Excluding finance companies 3/
1st
2nd
3rd
4th
Year
ej
2/
1/
2/
3/

quarter
quarter
quarter
quarter

2,547
4,348
3,183
e/3,650
3/13,728

2,043
4,258\
... 2,477
2,997 .
11,775

2,284
2,529
1,768
2,854
9,434

Estimated by Federal Reserve.
Preliminary.
Securities and Exchange Commission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new capital issues excluding offerings of sales and consumer finance companies.




H. 14
Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)

Quarter
or

Gross proceeds for new
capital and refunding 1/
Total

Month
I
II
III
IV

2,700
3,634
2,436
3,466

I
II
III
IV
1965 - I
II
III
IV
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July *
Aug.
Sept.
Oct. e/
Nov.
Dec.

*

Net proceeds for
new capital 1/ 2/

Bpnds
Common Memo:
Foreign
iblicly Privately and
[ffered
Placed,
Pfd. issues
stock included

Mfg.

Public Communi- Other
Utility cations issuers

1U08
11,389
/ 898
1,319

1,306
1,820
1,251
1,780

287
424
287
367

128
434
109
47

947
591
806
968

326
794
285
530

236
221
150
118

842
1,241
868
1,629

2,548
4,965
2,876
3,568

978
1,321
792
531

1,269
1,755
1,590
2,629

300
1,890
494
408

29
105
94
227

429
723
559
1,061

438
856
642
509

273
1,666
59
135

1,275
1,492
1,361
1,559

3,007
5,043
3,912
I

906
1,864
1,5T5

1,673
2,259
1,955

429
920
383

243
215
, 26a

1,072
1,679
I,U9

541
609
786

91
255
323

1,034
2,246

2,295
1,181
1,489
902
748
1,226
1,036
727
1,805

383
470
468
234
183
376
181
30
320

541
563
651
443
453
693
642
645
1,342

1,372
148
370
225
112
156
213
52
143

34
36
35
24
27
44
82
29
116

151
441
264
207
138
296
297
40
172

1,379
27
260
23
16
19
82
21
32

521
421
550
432
349
580
323
405
831

858
791
1,358
1,233
1,773
2,038
1,443
930
]L, 338
1,090

161
187
557
422
694
748
542
369
664
zbO

565
450
658
648
630
980
780
468
706
700

131
155
143
162
449
309
122
*3
168
110

49
51
143
33
49
134
27
87
150
n.a.

97
215
229
176
248
184
2Q2 .
247

21
44
26
15
143
98
102

292
295
448
422
602
1,223
58?

m

Hfc

186
206
332
150
176
234
250
203
607 ,
385
192
494
540
698
441
399'
307

25

22?

m

2./ Preliminary, e/ Estimated by Federal Reserve
1/ Gross proceeds exceed net proceeds by the cost of flotation.
2/ For total see Exhibit H; other issuers are extractive, railroad & other transportation,
real estate & finance, & commercial & other. Source: Securities & Exchange Commission


k


YA

Exhibit J
Other Security Offerings
(In millions of dollars)

1965
January
February
March
April
Hay
June
July
August
September
October
November
December
Jan. -Oct..

Gross Long-term 1/
Foreign uoverameni z/
1964
1963
I965

218
—

36
73
—*•

91
,
33
76
5
e/ 50

e/ 582

Tear

4
82
69
30
75
26
20
13
7
180
72
58

232
133
76
57
114
11
63
83

506

769

636

771

—

129
185
325
——

775
——

239
150
e/ 375

—

2
e/2,178

Federal Agency 3/
1963
19U

148

—
—

—

186
—

—

275
260
160

459
—
—

—

—

510
—

174
200

—

—

1,205

967

1,205

1,167

New she>rt-term 4/
Federal Agency 3/
State and Local Government 5/
January
February
March
April
May
June
July
August
September
October
November
December
Jan.-act..

238
91
-458
647
204
—82
119
£/ 409
£/-133
a.a.

n.a.

Tear

103

236

-407
442
81

-80

-9
127
176
7
-15

-137
-174
117

75
272
-367
589
-30

-11
509
237

-10
62
208

-208

-173
259
146
-339

676

885

453

692

132
206..
E/

105
98

-308
-336
23
97
183
239
-333
167
1
525
113
-3

4
-332
-255
-161
202
195
319
415
326

258

123
-102
551
1,090

e/1,08?
368

1,539

from those in Exhibit H in that refunding issues, as well as new capital issues, are
included. Long-term securities are defined as those maturing in more than one year.
2/ Includes securities offered in the U.S. by foreign governments and their political
subdivisions and international organizations. Source* Securities and Exchange Commission.
2 / Issues not guaranteed by the U.S. Government. Source1 Long-term, Securities & Exchange
Commission; short-tenn, Treasury Dept. & Fed. Reserve, kjjThese data differ from those in
Exhibit H and above in that they represent new offerings less retirements, whether from
the proceeds or refunding issues or from other funds. Data include only Issues with
original maturity of one year or less. ^/Principally tax and bond anticipation notes,
warrants, or certificates and Public Housing Auth. notes. In some instances PHA notes
included may have a somewhat longer maturity than 1 year.
Source 1 Bond and Buyer & Fed.Re#'




a. 14
Exhibit K
Large Long-term Public Security Issues for New Capital
(Other than U. S. Treasury) 1/
Proceeds of Lart?e Issues Offered
(In millions of dollars)

Total

Corporaate
Bonds
(other than
Convertible
convertibles)
bonds

Stocks

State
and
local
governments

n

200
115
131
233
210
560
343
455
211
530
190
SS9

230
139
217
513
307
928
801
477
299
530
246
:sr-

30
--

541
419
446
395
411
492
377
655
312
563
409

15
86
--

280
97
53
320
22
62
-40
1?

315
139
26
--

16
!A4

2/

15

lib

- Nov.
1965 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
\"1V.

Other

--

235
130
19
260
40
340
20
50
170
43
Q4

Large Individual Issues Offered November 1 through utcember j

Issuer

Type &/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Rating

Offering
yield
I

Corporate
C.L.I. Financial Corp.
B ?sr: n Ediscn Co.
Jo-n Deere Credit Co.
Beneficial Finance Corp.
Natural Gas P. L. Co.
ie xa s Inst tuments Inc.
Sun Oil Co.
Unii;n Elec. Co.
Florida Pwr. Co.
International Util. Corp.
Northern Natural Gas Co.
Wes: Penn. Pwr. Co.
General Motors Accept.Corp
Eastern Air Lines
'X. - i ia Pwr & Lig K t 7 c ,

50.0
PfG. stk.
1st mtg. bis.
25.0
35.0
Deb.
100.0
Deb.
1st mtg. p>, l.bds. 40.0
50.0
Deb.
100.0
Deb.
19.7
Com. stk.
1st mtg. bds.
25.0
Conv.pfd.stk
33.0
40.0
S.F. deb.
1st mtg. bds.
27.0
150.0
Deb.
31.5
Com. stk.
40 c 0
Isi mrg, b• CIS o




1994
1990
1990
1984
1990
1990

4-3/4
5
5
4-3/4
4.80
4-5/8

6.6/
5.00
5,00
4.78
4.80
4.69

Aa

1995

4-7/8

4u 73

Aa

1985
1995
1987

4-7/8
4-7/8
4-7/8

4.90
4.80
4.95

A
Aa

1995

5

4.95

Aa

Ac 5
—

ka

K-2
Large Individual Issues Offered November 1 through December 3 (Cont'd)

Type 3 /

Issuer

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
vield

it

Ratings

State and local Government
State of Conn.
G.O.
Port of New York Auth.
Rev. -Q. -Ut.
Cobb Co., Ga.
G.O.
Univ. of Mass. Bldg. Auth. Rev, -Rent
Penna„ State Pub. Sch.
Bldg. Auth.
Rev, -Rent
Boston, Mass.
G.O.
State of Minnesota
G.O.
East Jefferson Wtr. Dist.
#1, La.
Rev. -ut.
Kansas City, Mo.
G.O.
Chicago, 111.
G.O.
Baltimore, Md.
G.O.
Baltimore Co., Md.
G.O.
San Fran. Bay Area
Rapid Trans . Auth.,Calif. Rev. -Q.-Ut
•
State of Hawaii
G.O.
State of West Va .
G.O.
State of Vermont
G.O.
Dallas Co. Jr. College
. Dist., Tex.
G.O.
Lavonia Pub Sch Dist.,Mich. G.O.
Philadelphia, Pa.
G.O.
State of California
State of Delaware
Indianapolis Fid. Cont.
Dist., Ind.

43.0
25.0
14.9
12.7

1966-85
1998
1967-95
1966-98

3.28
3.67
3.58
3.52

2.60-3.30
3.63
2.75-3.65
2.60-3.55

30.5
12.4
10.4

1966-2005
1966-95
1975-85

3.60
3.60
3.29

4/
2.90-3.752.70-3.70
Baa
3.10-3.30
Aa

10.0
19.0
14.5
26.7
11.0

1967-90
1966-85
1969-79
1966-86
1967-95

3.94
3.29
3.33
3.37
3.53

2.35-3.90
2.60-3.30
3.00-3.30
2.70-3.40
2.90-3.60

Baa
Aa
A
A
A

70.0
14,0
20.0
10.4

1972-99
1968-85
1966-90
1967-85

3.59
3.46
3.42
3.21

3.10-3.63—
3.00-3.50
2.70-4.30
2.70-3.25

Aa
A
A
Aaa

1966-87
1968-92
1967-91
1967-96
1975-2015
1966-85

3.39
3.76
3.54
3.57
3.72
3.26

2.70-3.457/
3.10-3.753/
2.70-3.60%/
2.70-3.653.25-3.85
2.60-3.30

1968-97

3.47

2.85-3.50— Z Asa

G.O.
G.O.

15,0
15,0
26.7
22,9
100,0
14,3

G.O.

12,6

Aaa
A
A
Aa

A

Baa

A
A
Aa
Ad

Other
"Commonwealth of Australia Bonds
25,0
5-3/4
5.77
1985
Quebec Hydro-Elec. Comm.
Bonds
50.0
5-1/4
5.25
1987
Japan Devel. Bank
Bonds
20.0
6-1/2
1980
6.74
*--Rights offering
n.a.--not available.
1/ Includes corporate and other security offerings of $15 million and over; State and loca i
government security offerings of $ 10 million and over.
2_/ Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues by Federal Agencies,
3/ In the case of State and local government securities, G.0. denotes general obligations;
Rev.-Ut., revenue obligations secured only by income from public utilities; Rev.-Q.-Ut.,
revenue bonds secured only by revenue from quasi-utilities; Rev.-S.T., revenue bonds




!

17
K-3

(Footnotes Cont'd)
secured by revenue from specific taxes only; Rev.-Rent., revnue bonds secured solely by
lease payments.
4/ 5/8 per cent bonds maturing 2005 reoffered to yield 4.40 per cent.
5./ 1%% bonds maturing 1999 not publicly reoffered.
6/ 1/10% bonds maturing 1987 not publicly reoffered.
]_/ Bonds maturing 1991-92 not publicly reoffered.
8/ Bonds maturing 1991 not publicly reoffered.
9/ Bonds maturing 1996 not publicly reoffered.
10/Bonds maturing 1996-97 not publicly reoffered.

I




if
H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treaaury) 1/
Expected Proceeda from Forthcoming Large Iaauea
(In millions of dollara)

During month following
date shown
State and
Corporate
Other 2/
local govt.
"1964 - Ncv.
Dec .
1965 - Jan.
Feb.
Mar.
Apr.
May
J une
July
Aug.
Sept.
Oct.
Nov.

30
31
29
26
31
30
28
30
30
31
30
29
30

90
105
169
407
267
852
765
363
193
312
206
412
297

Corporate

25
215

360
306
242
316
212
411
328
397
248
404
269
343
398

130
105
253
504
792
852
923
410
340
636
303
489
344

-—

60
25
70
20

15
25
20

Subsequent to
date ahown
State and
local govt.

Other 2,

563
435
382
599
7: >
635
474
524
353
450
331
578
458

Forthcoming Large Offerings as of December 3

Type

Issuer

Amount
(milliona
of

Approximate date of
offering

i

1

Corporate
S lur'-.ern Ca 1. Ed. Co.
c.n« Tel. Co. of Ca 1.
Kentucky Pwr.Cc.
C nsc1. Edison Co.
In' ' 1. Minerals & Chemicals
C :rp„
Macy Credit Corp.
.rc.st Western Financial Corp.

1st
1st
1st
1st

mtgo
mtg.
mtg.
mtg.

bds.
bds.
bds.
bds.

Conv. sub. deb.
Deb.
Deb.

75.0
40.0
32.0
100.0

Dec. i(j
?ec.!5
Dec.16

50.0
25.0
22.0

Dec.2 I
Indefinite
Indefinite

Dec.

State and local government
-e.nderscn. Texas
Lake Charles Harbor and Term.
i)is t.. , La c
Rr -ie Island Turnpike &
Bridge Auth.




Rev.-Ut

12.0

Rev. -Q. -Ut.

21.4

Dec. 5

Rev.-Q.-Ut.

17.5

Dec. 8

25
215

60
25
70
20
--

15
25
20

iU

-

L-2

Forthcoming Large Offerings as of December 3

Type

Amount
(millions
of
dollars)

(Cont'd)

Approximate date of
offering

State and local government
(Cont'd)
Chicago, 111.
Port of New Orleans, La.
Public Housing Au':h.
Cal. Toll-Bridge Auth.
Detroit 5ch. Dist., Mich.
Everett, Wash.
„niversitv of Kentucky

Rev.-Ut.
Rev.-Q.-Ut.
Bonds
Rev.-Q.-Ut.
G.O.
Rev.-Ut.
Rev.-Rent.

25.0
20.0
90.1
100.0
15.0
12.0
30.0

Dec. 7
Dec. 9
Dec. 9
Dec.15
Dec.14
Dec.14
Dec.15

Los Angeles Dept. of Wtr.
& Pwr., Calif.
Peninsula Port Auth., Va.
University of Kentucky
Dade County, Fla.
Austin, Texas

Rev.-Ut.
Rev.-Q.-Ut.
Rev.-Rent.
G.O.
Rev.-Ut.

15.0
15.0
25.0
46.0
14.0

Dec.15
Dec.15
Dec.15
Indefinite
Indefinite

Other
Republic of Ireland

Bonds

20.0

Indefinite

"--Included in table for first time.
V Includes corporate and other issues of $15 million and over; State and local government
issues of $10 million and over.
2_/ Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues of Federal Agencies.
Note:--Deletions for reasons other than sale of issue: None.




!

"

u

H. 14

M-2

Part:

Date Reported

Private Placement--Reported September 1 through December

%

Amount
(millions
of
dollars)

9/9.

40.0

9/8

50.0

9/16.

9/16

135.0

25.0

-

Issuer and Description of Issue

Skeena Kraft., Ltd,--5-3/87, first mortgage and collateral
trust bonds, maturing 1985--no information available on
takedown.
Bell Telephone Co. of Canada--4.857. first mortgage
bonds, due 1995--no information available on takedown.
Queensland Aluminium Securities. Company--notes maturing
1968-82--no information available on takedown.
The Alberta Government Telephone Commission--4.-3/47,
sinking fund debenture, maturing 1990--no information
available on takedown.

Note: For retrospective data on aggregate foreign corporate and government security
offerings in the United. States see Exhibits I and J. There is no simple relationship
between the data shown in the Exhibit and that shown in Exhibits I and J because: the
latter includes privately placed securities in the period in which funds are actually
takendown but only in the amount of takedown while the placements shown in this exhibit are included when reported, frequently with little or no information concerning* tiia±4gv of tait^downfl. Full or partial takedowns may take place both prior
and subsequent to the date a placement is reported.




H. 14

Foreign Government and Corporate Security Offering
and Placements in the United States
Part I:

Sale Date

Public Offerings

Amount
(millions

Issuer and Description of issue

dollars)

A.

•

' • /

9/16

"European Investment Bank--6% bonds, maturing 1985,
reoffered to yield 6.04%.***

|
^

10/19

15.0

Republic of Finland--6-l/2% bonds, maturing 1980.
reoffered to yield 6.61%.

$
J
J

10/27

27.5

United Mexican States--6-1/2% bonds, maturing 1980,
reoffered to yield 6.63%.

11/9

25.0

Commonwealth of Australia--5-3/4%, bonds, maturing 1985, ^
reoffered to yield 5.77%. ***

11/17

33.0

International Util. Corp.--conv. pfd. stk.

11 18

50.0

Quebec Hydro-Elec. Comm.--5-1/4% bonds, maturing 1987
roeffered to yield 5.25%.

11/23

20,0

Japan Development Bank--6^%, bonds, maturing- 1980 • .
•
reoffered to y i e l d 6. 74%.
' % / •.
vf

B.

Indefinite

*
-**
-*** --

Sold September 1 through

20.0

Prospective Offerings

Republic of Ireland-Bonds.

Included in table for first time.
Issue sold to investors outside U.S.
issues subject to interest -'equalization tax.




-

$

|
|